The International Air Transport Association (IATA) said Vietnam will see some of the world's most significant industry growth in the coming years.

The association expects Vietnam's airline industry will grow 10.2 percent annually by 2014 in terms of international passengers, making it the third fastest growing market after China and the United Arab Emirates.

Vietnam will also rank second in terms of growth in domestic passengers, after China, IATA said in a statement Monday.

The association expects the global airline industry to see 3.3 billion passengers by 2014, up 800 million from 2009. Asia will account for 45 percent of the increase, the association said.

"Despite some regional differences, the forecast indicates that the world will continue to become more mobile. This creates enormous opportunities but also presents some challenges," said Giovanni Bisignani, IATA's Director General and CEO. "To realize the economic growth potential that this will bring, we will need even more efficient air traffic management, airport facilities and security programs."

In terms of air cargo, IATA expects international freight volumes to surge to 38 million tons in 2014, compared to 26 million tons in 2009.

The top three fastest growing international freight markets over the period will be Hong Kong, China and Vietnam, the association expects.